We've got a lot to cover. Make sure to check out yesterday's $GME trade insights post if you haven't already.
Let's get to it!
- B The Story - T-Shirt Shirt
- Kenneth Alvis = T-Shirt
- Next Week Icon Meals Box (Food for the week - free shipping IUFREESHIP)
- I'll try for something else next week!
- Joseph Thornhill - Scanz
- Confirmation bias = Price
- KEY IS Perma-unbiased
- Price convinces new traders they're right and they are FOR NOW
- Think before you write/tweet/speak - do you really believe what you're typing?
- Worst part of Robinhood selling folks out - EXCUSE
- Over night RISK
- Using GME as FOMO INDEX (ie: SPY) = Where in Cycle? Peak?
- Where are your eyes? Where is your edge?
- Trickle effect KOSS JAN LLIT EDRY etc.
- Intraday Opportunity - Post Exhaustion! CATB TRVG SIEB
- Traders market (Long / Short - pay yourself) lots of new Reddit traders
- Algo's back newsletters/hot hand
- The biggest liquidity created is in times of panic (both long side and short side)
- Few early exits KOSS GBR but risk/reward?
- NEXT MENTALITY.
- Someone always makes more. Period.
This week scan has been a complete 180 from normal. There is no reason to have a plan for each name as I would in a normally balanced market. Half these names could open up 30-50% Monday or does 20-30% the key for me is to find the ones I would MOST LIKELY trade due to a few reasons like: Price, liquidity and "tradeability."
Video Scan and Game Plan
Stocks to Watch
GME using this mostly as an index - have barely traded this thing except Wednesday / Thursday which was pretty good but the main focus is what information I could pull off GME to trade AMC BBBY BB and many others BETTER. I use it as an 'index' for lack of a better word to gauge where the FOMO is at any given time.
AMC absolutely insane trader intraday - entered on the parabolic on Friday before the immediate $2/drop as many saw in chat. This is not a market to nail $2 bucks and "see what it'll do" this is a market to take size if familiar, nail and BAIL (most if not all) and review for trade number two. This is where you compound action. You stick around too long you'll end up giving gains back - I promise.
CATB pretty perfect in the room from the long side to the short side letting traders exhaust out. This is the new way. You short too soon and size too much you get blown out. You dabble (if familiar) and IGNORE if new - wait for key exhaustion levels to fail. Same thing you've seen time and time again - I always write the key levels to help traders determine if they're risk is super high or if an edge is near. I'd love to see a morning re-test to mid $4s for a bit of failed follow through. We'll see.
PHUN big move AHs could be much higher pre but so far $3.10 becomes key level I'd like to see exhaust out. Hopefully it's much higher and gives a great opportunity as we had all last week.
Failed Follow Through:
NAKD has been peak FOMO past two mornings offering fantastic squeeze out and fade opportunities looking for the same until the volume fades off and liquidity gets choppy. Been a great profit center off opens I think mostly due to message boards and excitement off open before reality kicks in.
BB big opportunity for many funds to liquidate into this non sense - this is one where I'll figure out if I am going to trade it Monday AM and which direction I'd be focused on depending on where we end up with GME and the rest of the FOMO index names.
SPCE another where reality and supply is kicking in - all pops vs $50s and possible faed back sub $40-38 near term. Of course if GME suggest otherwise - this would void the bias.
PLTR same deal with SPCE BB and rest.
BBBY has been great the range has been intense. +10 and -19 the next day. Some great call outs in the room. Again yes thinking fails but if GME opens up big on Monday which it very well may we could be looking at $40 + re-test and then focus in 945-10AM+ the key here isn't making a trade call today it's knowing what you're best at and focusing there. These are the names I will comb through in the AM --> BB SPCE PLTR BBBY and take the one or two BEST opportunities based off range, edge and liquidity.
TMDI once these fall off traders radars - the supply hits the market post squeeze. Everyone focused on GME types so these have been fading off - watch for fails back under $2.
TRXC same deal - as the squeeze wears off - higher better and possible gap fill back sub $2.50s while eyes are elsewhere.
EDRY SINO etc. much like KOSS JAN LLIT etc EDRY fits the float lock style - so worthy eye in coming days if things start to firm up - as tweeted nothing to chase but watch if this trend builds just like I noted on the others.
DTEA dips vs. $3.10-3.20s base interest me.
PUBM put this on Sunday scan a while back at $24 noted it was a tuck away and don't look at it for 6-12 months type name for me. Hit 52 week highs on Friday.
MOSY dips if it firms up $3.20s+ vs $3
TKAT watching if trend starts to build these charts have been working
WORX 2.20 trigger
Back Side Unwind Potential: